AlexKl
Long

Possible long scenario now that harmonic pattern is complete

FX:USDJPY   U.S. Dollar / Japanese Yen
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4
232 2
Waiting for a pullback to around the 106 level to add long positions.
TP1 108.40 (38Fib)
TP2 110.90 (+61Fib)
TP3 114.80 (100-127Fib and long term multiple top)

Good luck.
Trade active: Quite a few visits to the 106 region...even a spike down today to it and recovered pretty quick. Must be many traders around with tight stop losses.

Additional:
A descending triangle forming with the 107 level to break and hopefully the long journey up.

FOMC will be the telling factor tomorrow.


Comment: Due to politcal factors this one not going as planned...keep getting stopped out at breakeven.

Nonetheless, will be giving this one till beginning of April to break out of the current wedge and resume its bullish trend.

did you Draw this chart or do you have an app. and if so how can i get this app. thank you.
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AlexKl fvallon1478
@fvallon1478, yes from what I've learnt over the last few years. You can search the net for harmonic patterns and study the rules that pertain to certain patterns and then apply what you see on a clean chart. Adding trendlines to help where the pattern points should go.
Using a line chart instead of bar chart helps in visualising them better.
Remember not all patterns are always successful so it is important to watch PA at the point where the reversal should occur.
Hope this helps a bit.
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